HK Stock Market Move | UBOX ONLINE (02429) falls more than 8% in early trading, plans to discount approximately 14.97% of H shares for issuance, and net raise approximately HK$1.49 billion.

UBOX ONLINE(02429) fell more than 8% in the morning session, dropping by 7.91% as of the time of writing to 3.26 Hong Kong dollars, with a trading volume of 23.1253 million Hong Kong dollars. In terms of news, UBOX ONLINE announced plans to issue 51.6355 million new H shares at a price of 3.01 Hong Kong dollars per share, a discount of 14.97% compared to the closing price of 3.54 Hong Kong dollars on March 6; the net proceeds from the issuance are expected to be 1.492 billion Hong Kong dollars, with approximately 60% to be used to purchase fixed assets, including vending machines, and approximately 40% for operating capital and other general corporate purposes. UBOX ONLINE is reportedly the largest unmanned retail business operator in China. The company debuted on the Hong Kong Stock Exchange on November 3, 2023. On November 4, 2024, UBOX ONLINE marked its one-year anniversary of listing and entered the unlock period, during which the largest shareholders and chairman Wang Bin, former president Chen Kunrong, as well as cornerstone investors NAYUKI and Malacca, will have their restricted shares unlocked, with over 200 million shares involved, accounting for 27.88% of UBOX ONLINE's total share capital.